GBP/USD -
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No trade setup on Cable yesterday. Price consolidated for
most of the day.
FOR TODAY:
We will look for a bearish cs formation while inside the
5913 highs for a short trade setup.
Else if price just rallies without a bearish U turn
signal, then the bulls are targeting the 5991 highs. A violation of the 5991 highs will start a reversal on
this time-frame.
If we don’t get the setup we are looking for then we
don’t trade.
SHORT: Will be
going short only IF:
We get a rally and a bearish cs formation either testing
the 5913 high, or higher up while inside the 5991 high. Stop will be 13 pips
above the high of the cs formation, max 1% risk. This will be considered a ST
with limits down at the BF786 over coming sessions.
If we don’t get the setup we are looking for then we
don’t trade.
LONG: Will be
going long today only IF:
We are not in long territory here at present, but be on
the lookout for dips followed by bullish cs formations, a break of 5913 opens
the topside targeting the 5991 high.
If we don’t get the setup we are looking for then we
don’t trade.
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